"We have reached the 'Fartcoin' stage of the market cycle," Einhorn wrote in an investor letter obtained by CNBC.

David Einhorn’s Greenlight Capital is keeping Big Tech at arm’s length, along with crypto. Here’s what the hedge fund has been buying lately.

"It's anyone's guess as to what will happen next, but it feels like it's going to be wild," the Greenlight Capital founder David Einhorn said.

Greenlight Capital’s David Einhorn believes the current bull market has taken speculative behavior to absurd levels. “We’ve entered the ‘Fartcoin’ stage of the market cycle,” Einhorn wrote in an investor letter as reported by CNBC.

"We have reached the 'Fartcoin' stage of the market cycle," Greenlight Capital founder Einhorn said in a letter to partners dated Tuesday. Read more here.